EQ1 Flashcards
What are the two alternative definitions of globalisation?
- the increasing ways in which people, goods, and services, information, and capital are being shared between countries and places.
- The increasing integration of economies globally.
What is economic globalisation?
Growth of TNC’s:
- increases transport, raw materials, and portfolio investment.
Growth of ICT supports:
- increases spatial divisions of labour, and internaitonal economy.
What is political globalisation?
Growth of global trade blocs:
- does the same as TNC’s.
Growth of IGO’s.
What is cultural globalisation?
Growth of Westernisation, and changing global culture.
Growth of glocalisation.
Ideas and Information has been accelerated.
What is social globalisation?
Extensive family networks from migration.
Social interconnectivity: Improvements in global healthcare and education.
What were the previous connections of globalisation pre-1940?
Colonisation - The Great British Empire.
Co-operation - IGo’s after WW1
Trade - After Columbus in 1400.
What is different about modern globalisation?
Lengthening - Connections between further places are possible.
Deepening - More aspects of people’s lives are integrating. with places further away.
Quickening - Higher-speed technology allows this.
Why do we live in a shrinking world?
Transport and technology:
horse-drawn carriages were 10mph (1500-1850). Now Jet aircrafts can go 700mph (1960’s).
Cyberspace introduction means immediate access to online info.
What is a network map?
- Not to scale
- Made of nodes and flows
- E.g., London Underground maps
How has the flow of people increased in recent years?
- Tourists: 150 million outbound trips made by China, who’s growing middle class are travelling abroad more. This is the result of mroe affordable air travel such as AirAsia.
- Migrants: Most governments have a pick-and-mix attitude. Only seeking migration to fulfil their needs. (Qatar encouraging Indian workers)
How has the flow of capital increased in recent ears?
The global stock market is used to transfer investments between places, into different currencies, in order to make profit. This resulted in $6.6 trillion made in the global stock market a day.
How has the flow of information increased in recent years?
- The internet has allowed 24/7 access to global info instantly. Facebook gained 2.5 billion users by 2019. All of this info is stored in ‘server farms’. One is the Microsoft data Centre in Washington State.
How has the flow of goods and services increased in recent years?
Raw matrials have always been traded between countries. Commody trading has ballooned in size. In 2019, the global GDP was $87 trillion.
What host country supplies the most remittances? Why?
- USA
- These remittances are worth $40 billion
- India receives most of these remittances ($28 billion)
- India has 17.5 million of its population living abroad.
- There are many white-collar migrants living in the US (2.5 million), and they are often granted legal migration status due to family reunification policy.
How much in remittance does China receive?
$25 billion.
Why do some people oppose globalisation?
- Nationalist movements believe it is a threat to national sovereignty. (UK leaving the EU, and Scotland wanting independence)
- TNC’s lead to cultural homogeneity. Totnes refusing to have a Costa Coffee and becoming a transition town)
- Fear of increased flows of info. ‘China’s Great Fire Wall’.
What is the interrelationship between trade and transport?
Innovation in transport allows for companies to make more profit, as they can access a wider demographic, quicker. Therefore, the needs of companies drives technological advancement.
How has steam power increased connectivity?
Steam power:
- Quick transport into Africa and Asia made Britain the leading transport power in the 1800’s.
How has Jet aircraft increased connectivity?
Aircrafts:
- Boeing 747 brought innovation to international travel of tourists, especially with the growth of companies such as EasyJet.
What is containerisation? How has it changed global trade?
2 million shipping transactions occur annually. This leads some to say that shipping is the ‘backbone’ of the global commodity market.
What is the largest container ship in the world? (2021)
Ever Ace:
- 400m long
- 24,000 container capacity.
How do TNC’s benefit from globalisation?
- Spatial division of labour occurs.
- Innovations in transport and technology have allows for faster flow of people. Therefore, increasing economic efficiency.
How have other factors impacted EasyJet’s flourishing?
- COVID meant that profits flopped because of less to no travel. Therefore, they could not pofit.
Easyjet Case Study
- Started with 2 aircraft just within the UK.
- Then increased scale to 337 aircraft by 2019.
- They made £6.4 billion in 2019.
- They had 96,000,000 passengers in 2019.
How has the decrease in travel due to COVID affected globalisation?
The Boeing 747 was decommissioned for flight in June 2020. It would no longer be in production by 2022.
Manchester Airport actually stopped using them, and therefore at its final decommission, it did a ‘wing wave’.